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Net earnings and diluted earnings per share for the second quarter of 2008were $3.3 billion and $1.17, respectively. The second quarter of 2008 includedan after-tax in-process research and development charge of $40 millionassociated with the acquisition of Amic, a developer of in vitro diagnostictechnologies for use in Point-of-Care and near-patient settings. Excludingthis charge, net earnings for the quarter of $3.4 billion and diluted earningsper share of $1.18 represent increases of 9.3% and 12.4 %, respectively, ascompared to the same period in 2007.* The Company increased its earningsguidance for full-year 2008 to $4.45 - $4.50 per share, which does not includethe impact of any in-process research and development charges or other specialitems.
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"Our solid earnings this quarter build on our strong track record ofperformance," said William C. Weldon, Chairman and Chief Executive Officer."We are successfully managing through short-term pressures while continuallymaking progress to enhance our long-term growth."
Worldwide Medical Devices and Diagnostics sales of $6.1 billion for thesecond quarter represented a 12.1% increase over the prior year withoperational growth of 5.7% and a positive impact from currency of 6.4%.Domestic sales increased 4.0%, while international sales increased 19.7%; 7.3%from operations and 12.4% from currency.
Primary contributors to the operational growth included EthiconEndo-Surgery's minimally invasive products; DePuy's orthopaedic jointreconstruction, sports medicine and trauma businesses; Ethicon's surgical careproducts; Vistakon's disposable contact lenses; and Diabetes Care's bloodglucose monitoring and insulin delivery products.
On July 1, 2008, the Company announced it received clearance of itsONETOUCH PING Glucose Management System by the U.S. Food and DrugAdministration (FDA), the first full-feature insulin pump that wirelesslycommunicates with a blood glucose meter-remote.
Worldwide Consumer sales of $4.0 billion for the second quarterrepresented a 13.2% increase over the prior year with operational growth of6.8% and a positive impact from currency of 6.4%. Domestic sales increased8.5%, while international sales increased 17.0%; 5.6% from operations and11.4% from currency.
Sales results reflect the strong performance of the U.S. launch of ZYRTEC,an over-the-counter allergy treatment; LISTERINE antiseptic mouthrinse andwhitening products; Baby Care products; and the skin care lines of NEUTROGENA,CLEAN & CLEAR, and AVEENO.
During the quarter, the Company received FDA approval of EVOLENCE, a newadvanced collagen-based structural dermal filler for the correction ofmoderate to deep facial wrinkles and folds.
Worldwide Pharmaceutical sales of $6.3 billion for the second quarterrepresented an increase over the prior year of 3.1% with an operationaldecline of 1.3% and a positive impact from currency of 4.4%. Domestic salesdecreased 1.7%, while international sales increased 11.3%, which reflected anoperational decline of 0.6% and a positive currency impact of 11.9%.
Sales growth reflects the strong performance of TOPAMAX, an antiepilepticand a treatment for the prevention of migraine headaches; VELCADE, a treatmentfor multiple myeloma; RISPERDAL CONSTA, an antipsychotic medication; andREMICADE in the U.S., a biologic approved for the treatment of a number ofimmune mediated inflammatory diseases.
Growth was negatively impacted by lower sales of
